On 22nd November, the Lexology website carried an article from Morgan & Morgan on draft economic substance regulations, with the issue of final Guidelines on the matter is expected sometime before the end of this year. Accordingly, International Business Companies (IBC) engaged on what is defined as “relevant activities” will need to meet adequate economic substance in Belize, and an IBC carrying on any relevant activity is thus classified as an Included Entity. But those that are not Included Entities (aka Non-Included Entities) do not require substantial economic presence in Belize. The article lists what are classed as Included Entities. It also deals with the status of Pure Equity Holding Companies, other holding companies and IBC carrying on relevant activity with outside control, management & tax residence.
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